The mortgage market may soon be hit by lending restrictions.

A recent speech by Mark Carney has raised fears of potential mortgage lending restrictions, which are likely to affect those attempting to climb on the property ladder.

If you are looking for a mortgage to buy a home you are therefore advised to act sooner rather than later to source a deal.

There are various reasons to act without delay in finding a competitive deal.

• Firstly. There are fears that despite BoE assurances interest rates will remain at 0.5% until 2016, rates will rise in reaction to increased inter banking funding costs. Failure to act now could mean having to agree a higher rate for your deal.
• Secondly. Property prices are on the increase meaning if you wait you will pay more for your home.
• Thirdly. There are predictions that schemes such as Help to Buy, which has already started pushing property prices up, will create a housing market bubble.
• Fourthly. If a property bubble looks likely the BoE advises it will introduce restrictions on mortgage lending. Capital requirements are likely to increase and lending criteria tightened.

It has been shown that restrictions in lending affect smaller deposit buyers the most, and if capital requirements increase high LTV mortgages will once again be withdrawn.

If you are looking to buy a home you are advised to review the market now to find a competitive mortgage while you can.

Mortgage rates are currently set at historic lows but market experts predict rates have bottomed out and are unlikely to fall much further.

If you would like a mortgage and would like to review your options, call independent and impartial 'whole of market' broker Deal Direct.

Deal Direct can search the entire market on your behalf to come up with the most competitive deal to suit your deposit level and circumstances.

Speak to an adviser on 0800 048 8828.